XML 44 R24.htm IDEA: XBRL DOCUMENT v3.23.1
OIL AND NATURAL GAS PROPERTIES (Tables)
12 Months Ended
Dec. 31, 2022
OIL AND NATURAL GAS PROPERTIES  
Schedule of oil and natural gas properties

Oil and natural gas properties as of December 31, 2022 and 2021 consisted of the following (in thousands):

    

December 31, 2022

December 31, 2021

Subject to depletion

$

713,585

$

569,886

Not subject to depletion:

Other capital costs:

  

Incurred in 2022

1,427

Incurred in 2021

1,427

1,427

Incurred in 2020

983

983

Incurred in 2019(1)

58,784

61,895

Total not subject to depletion

62,621

64,305

Gross oil and natural gas properties

776,206

634,191

Less accumulated depletion

(390,796)

(339,776)

Net oil and natural gas properties

$

385,410

$

294,415

(1)In 2019, with the adoption of fresh-start accounting, the Company’s unevaluated properties were recorded at fair value.
Schedule of the Company's Oil and Natural Gas prices used in the calculation of the ceiling test value of the Company's reserves

    

West Texas
Intermediate
(per barrel) (1)

    

Henry Hub
(per MMBtu) (1)

December 31, 2022

$

94.14

$

6.36

December 31, 2021

66.55

$

3.60

(1)Unweighted average of the first day of the 12-months ended spot price, adjusted by lease or field for quality, transportation fees, and regional price differentials.